Currently using a Panasonic Lumix FT2 together with a Panasonic DMW-MCFT2E 40m Marine Housing. The camera alone is waterproof to 10m.

Why? Because the two together, new, costed Ł300. Last year used them in Ningaloo, pleased with the results but it was my first foray into UW photos, next week I'm off to Sulawesi. I'll upload something nice for you